| Cash Flow | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-09-30 |
|---|---|---|---|---|
| Net income | 188,526 | 119,818 | 48,356 | 29,624 |
| Depreciation and amortization | 1,026,417 | 669,244 | 321,525 | 944,371 |
| Amortization of deferred revenue and lease intangibles, net | -31,012 | -19,364 | -9,563 | -41,194 |
| Other non-cash amortization | 22,484 | 14,059 | 7,363 | 22,347 |
| Recovery of allowance on loans receivable and investments, net | 0 | 0 | 0 | -166 |
| Stock-based compensation | 32,415 | 26,510 | 18,827 | 26,344 |
| Straight-lining of rental income | 38,784 | 12,547 | 4,347 | 6,469 |
| Loss on extinguishment of debt, net | -119 | 0 | 0 | -672 |
| Gain on real estate dispositions | 35,268 | 33,985 | 169 | 50,282 |
| Gain on foreclosure of real estate | - | - | - | 0 |
| Income tax (benefit) expense | -22,002 | -13,032 | -13,781 | 2,535 |
| (income) loss from unconsolidated entities | 12,195 | -4,449 | -3,311 | -5,406 |
| Distributions from unconsolidated entities | 21,749 | 15,026 | 5,091 | 13,639 |
| Other | -8,417 | 2,752 | 4,227 | -681 |
| Increase in other assets | 14,515 | -51,523 | -36,154 | 122,404 |
| Decrease in accrued interest payable | -30,560 | -13,893 | -36,514 | -3,415 |
| Increase in accounts payable and other liabilities | 59,272 | -8,574 | -50,882 | 134,295 |
| Net cash provided by operating activities | 1,175,063 | 796,482 | 321,144 | 955,984 |
| Net investment in real estate property | 1,985,249 | 960,727 | 767,269 | 519,048 |
| Net cash assumed in foreclosure of real estate | - | - | - | 0 |
| Investment in loans receivable | 866 | 581 | 462 | 120,695 |
| Proceeds from real estate disposals | 158,769 | 149,014 | 13,250 | 275,396 |
| Proceeds from sale of interest in unconsolidated entities | - | - | - | 0 |
| Proceeds from loans receivable | 9,432 | 7,848 | 2,870 | 6,496 |
| Development project expenditures | 184,412 | 125,538 | 58,368 | 239,564 |
| Capital expenditures | 226,152 | 133,977 | 58,906 | 194,035 |
| Distributions from unconsolidated entities | 0 | - | - | 2,555 |
| Investment in unconsolidated entities | 40,157 | 24,855 | 14,928 | 55,503 |
| Insurance proceeds for property damage claims | 2,939 | 652 | 69 | 3,523 |
| Net cash used in investing activities | -2,265,696 | -1,088,164 | -883,744 | -840,875 |
| Net change in borrowings under revolving credit facilities | -6,768 | -5,422 | -6,550 | -6,151 |
| Proceeds from debt | 606,850 | 587,199 | 29,680 | 1,805,446 |
| Repayment of debt | 1,651,650 | 1,209,580 | 1,090,710 | 1,539,869 |
| Purchase of noncontrolling interests | 2,057 | 0 | 0 | 11,064 |
| Payment of deferred financing costs | 9,560 | 8,908 | 175 | 34,684 |
| Issuance of common stock, net | 2,064,227 | 1,064,749 | 876,463 | 850,561 |
| Cash distributions to common stockholders | 634,376 | 415,989 | 199,025 | 551,369 |
| Cash distributions to redeemable op unitholders | 4,740 | 3,127 | 1,503 | 4,545 |
| Cash issued for redemption of op units | 2,092 | 1,684 | 337 | 2,087 |
| Contributions from noncontrolling interests | 80 | 80 | 80 | 3,646 |
| Distributions to noncontrolling interests | 11,318 | 6,086 | 2,743 | 14,140 |
| Net change in borrowings under commercial paper program | - | - | 242,969 | 0 |
| Proceeds from stock option exercises | 45,651 | 26,124 | 19,766 | 10,483 |
| Other | -20,346 | -19,526 | -17,051 | -17,208 |
| Net cash provided by financing activities | 373,901 | 7,830 | -149,136 | 489,019 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | -716,732 | -283,852 | -711,736 | 604,128 |
| Effect of exchange rate changes on cash | 2,050 | - | - | - |
| Cash and cash equivalents at beginning of period | 957,233 | - | - | - |
| Cash and cash equivalents at end of period | 242,551 | - | - | - |
Ventas, Inc. (VTR)
Ventas, Inc. (VTR)